what is the miniunm deposit to buy a house.?

Asked by Apariciolove27, Sat Jan 12, 2013

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Kawain Payne, Agent, Seal Beach, CA
Thu Nov 21, 2013

The min DEPOSIT is usually about 3% of the offer price. If you mean DOWN PAYMENT that can vary from lender and on the type of terms your loan has.

A deposit is funds a buyer will submit to escrow at the opening of escrow. It tells the seller you are a serious buyer. Your deposit can be lost if you fail to complete the sales transaction due to your fault.

The amount of your deposit is "part of" your down payment. For example if your DOWN PAYMENT is 5000 and you make a deposit of 2000 at the time of opening escrow. You will pay the remaining 3000 of your down payment at closing.

Also, please be mindful you will have closing fees. These can run to about 2-2.5 % of the sales price.

I wish you the very best in your home buying quest!

Kawain Payne, Realtor
1 vote
Gail Mercedes…, Agent, Beverly Hills, CA
Tue Jun 4, 2013
West side Los Angeles the average is 03%. In this competitive market I would not suggest anything less than. 03% example sale price $500,000- buyer's good faith deposit would be $15,000.00.That amount is deducted from buyer's closing cost. Closing cost: down payment, escrow fees, lender fees and etc. Whatever the total close of purchase deduct the good faith deposit amount. You have the good faith amount as a credit against other home purchase expenses.

Gail Mercedes Cole
EXP Realty
1 vote
In some cases it maybe as low as 1% or sometime in certain cities they have city funds where upon approval and verification of income qualifications you may be approved for zero down.. more information please feel free to contact me direct. Thank you Maria Cibrian 562-746-8832
Flag Tue Nov 19, 2013
Jennifer Fiv…, Agent, Red Hook, NY
Fri Dec 6, 2013
Depends on the mortgage product, the lender would be the best person to answer this question.
0 votes
Kamille Weav…, Agent, Los Angeles, CA
Fri Dec 6, 2013
It depends on the type of financing.
0 votes
Maria Cibrian, Agent, Pico Rivera, CA
Tue Nov 19, 2013
Thank you for your good question, can be as low as 1% or possibly zero down upon county and city where you plan to buy, the city may offer assisted funding upon approval and qualification guidelines.

please feel free to contact me direct for more information

Maria Cibrian
562 746-8832
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Jan 12, 2013
It really depends on the price of home, type of mortgage you are getting or if you are paying cash. It could be as little as $100. On average it is $1000. The rule of thumb is 1% of sales price but can change. You should hire a good buyer broker who can assist and guide you through the buying process.
0 votes
, ,
Sat Jan 12, 2013
If you purchase a HUD owned home you can get it for as low as $100 down. If you are in CA we have options with 1/2% down. Standard FHA is 3.5% down. If you purchase a Fannie Mae owned home you can get it with 3% down. Contact me if you would like me to send you the links for the HUD and Fannie Mae owned homes search.
0 votes
, ,
Sat Jan 12, 2013
What is rhe purchase price?
0 votes
Shirley Smith, Agent, Bellflower, CA
Sat Jan 12, 2013
FHA, conventional, cash - EMD (earnest money deposit) transactions average $2,000. EMD has no set amount. I advise my buyers to offer EMD of $3,000-$5,000 & up on more expensive properties. Down payment is different; 3.5% FHA to 20% & up for conventional. Some FHA government assistance allow buyers to purchase with 0- 1% down payment. I hope this helps. if you need any more information, please call Shirley at 323-385-3584. I look forward to providing you the best service?
0 votes
Susan Bo'ur, Agent, Manhattan Beach, CA
Sat Jan 12, 2013
I believe you're referring to the EMD, (Earnest Money Deposit), which is usually, but not always 3%
Your down payment is typically 20% but depends on the type of loan you qualify for.
Susan Bo'ur Realtor
0 votes
Chance Schub…, Agent, Bentonville, AR
Sat Jan 12, 2013
This question is best left to your lender...

It depends on what type of loan you decide to go with. It could be anything from 0% to 30%.
My best advice to you would be contact your bank & talk about mortgage options.
0 votes
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